Following the speech of the French Minister of the Economy and Finance Bruno Le Maire at the “Paris Blockchain Conference” on the 15 April, Alfred Sant MEP reacted. Former Maltese Prime Minister and Member of the European Parliament Sant said that a European framework for Blockchain technology should not be rushed at the request of any Government.
He noted that Malta is at the forefront in promoting Blockchain technologies by way of regulatory framework that has been established at national level. The Maltese MEP said that in reaction to the declaration of French Minister Bruno Le Maire.
Speaking at the “Paris Blockchain Conference” on the 15 April, Minister Le Maire made the case for a European framework for regulating crypto-assets, inspired by the French model. In front of several Blockchain technology players, he spoke of his wish to make France “a reference model” at European and international level.
Alfred Sant said that he agrees with Minister Le Maire on the positive impact of Blockchain technology, in particular for consumers and citizens, in a broad range of sectors.
Last year the Malta Parliament passed laws aiming to establish a strong and transparent framework for Blockchain, crypto-assets and DLT technologies. Malta is at the forefront in promoting Blockchain technologies by way of the regulatory framework and can be in the lead at European level. But this technology potential has not yet fully explored. It can significantly improve key sectors of the economy as well as the quality of public services.
Alfred Sant added that a European legal framework should take into account all existing national systems not least the Malta framework that was the first one to be put into place.
In addition, one has to take into account the fact that Blockchain technology still needs time to develop further and that a European framework should not be rushed at this moment for that could put at risk the process of development and innovation.